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A Slow Day for Mortgage Brokers?

By Anthon Pang

Real Estate Sales Representative with iPro Realty Ltd., Brokerage

October 13, 2007 05:22 PM

Not one, not two, but three mortgage specialists, brokers, or their assistants (cold) called and/or emailed me today about future referrals. For me that's a new record.

But why would I refer you, or any of my clients, to someone (or some financial institution) that I'm not familiar with and/or have no prior relationship/experience with?

If you, as a client, needs a new mortgage, I advise you to get pre-approved:

talk to our in-house mortgage broker (shop for the best rates and conditions)
talk to the bank with whom you already have a relationship (who are generally interested in increasing and retaining their business with you -- they may offer you "better than posted" rates)
for those of you relocating to the GTA, talk to the bank branch that we trust for our families' personal & business banking needs

Besides, I can only carry around so many of other people's business cards. Too many and it starts to look like a cheap card trick: here, pick a card, any card.

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Gary Bland R (S) E-Pro, ABR

Hawaii Life Real Estate Brokers - Wailea, HI

I know this is happening here also. I never get a loan officer offering me to work with thier pre-qualified buyer. It has never happened.

Oct 13, 2007 05:31 PM

Maryann Salt

Maryann Salt - Concord, CA

LOL. I agree Anthon, I say the same thing about realtors who approach me for business. Why should I want to work with you, when I have the ability to do my own real estate deals. However, I choose not to do my own real estate deals. I choose to refer them to realtors in my area who I make an effort to get to know, to see if they can work for my clients. It's a recipricol relationship, and eventhough a Loan Officer may approach you for business, you never know when they will begin to refer you business. :) True that many banks have closed & many brokers have gone out of business, even more of a reason to get to know each Loan Officer that you work with. Every Loan Officer has their niche, and can contribute to your business, and offer a different way to structure that deal that you may have problems closing in the near future.

Best of Luck To Ya!

Oct 13, 2007 05:37 PM

Gary Bland

Century 21 All Islands - Lahaina, HI

The market has slowed down for many areas and it will stay like this for a while. Expect more calls and emails.

Oct 13, 2007 06:04 PM

A Slow Day for Mortgage Brokers?

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Anthon Pang

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